Startups shaping intelligent insurance graduate from Startupbootcamp InsurTech Insurance is experiencing synthesis: the coming together of various market constituents to create a connected whole. Synthesis is fusing the traditional and the new, incumbents and startups, and two complementary sets of stakeholders supported by digital technology and new ways of doing things. How are we seeing synthesis in insurance? Through collaboration and partnerships between large and world-renowned insurance companies and new market players. And synthesis is shaping intelligent insurance.
Meet Neos: the insurtech startup packaging IoT sensors with home insurance policies Imagine you're sitting on a white sandy beach in the Caribbean, not a worry in the world, when your phone pings you a notification: there has been a leak at home and your kitchen is slowly filling with water. It's a hypothetical situation I hear a lot when it comes to covering innovation in the insurance sector, an industry not famed for its radicalism, and one I heard again a few weeks ago while chatting to Matt Poll, CEO and founder of Insurtech startup Neos.
InsurTech Futures: Lloyd’s of London fails to insure future with delay in technology take-up Inefficient processes and a lack of understanding and deployment of technological solutions are holding Lloyd's back, writes Daniel Golding, director of financial services at Baringa. One of the great strengths of Lloyd’s of London is tradition. But this is also what’s holding it back. Rising from the ashes of the Great Fire of 1666, the London Market has grown to dominate the global insurance landscape. Covering an ecosystem of hundreds of firms, employing tens of thousands of people, and servicing gross written premiums of over £60bn, Lloyd’s has consistently operated at the vanguard of commercial risk transfer solutions.
Insurance giant QBE to inject $50 million into “insurtech” as corporate-startup fraternising rises Insurance giant QBE is joining the league of big corporates looking to startups as a way of protecting themselves from disruption. In its annual general meeting address this month, QBE chairman Marty Becker said the giant insurer could invest as much as $50 million this year in early-stage startups and tech ventures building disruptive solutions in the insurance industry. “Our challenge is to harness the benefits of incumbency,” Becker said.
Insurtech Startup AllLife Closes Funding Round AllLife, a Johannesburg, South Africa-based insurtech startup focused on providing innovative life insurance products for those living with HIV and diabetes, closed a funding round of undisclosed amount. Backers included the Accion Frontier Inclusion Fund, managed by Quona Capital, and existing investor LeapFrog Financial Inclusion Fund I. The company will use the funds for expansion into innovative product lines and new geographies.
ILS players look to InsurTech to disrupt the value chain: WTWS As technology continues to advance and influence industries throughout the world, the risk transfer landscape seemingly has little choice but to embrace and utilise the rise of InsurTech and, according to Willis Towers Watson Securities (WTWS), some insurance-linked securities (ILS) players aren’t shying away from the challenge.
Tech Making Insurance Obsolete, Exec Says; Risk Transfer No Longer a Large Nos. Game Will technology make insurance obsolete? That was the stark question posed by William Hartnett, a former Microsoft and ACORD executive, in his opening address to the 2017 Global Insurance Symposium, April 26-27 in Des Moines, Iowa. The annual event is sponsored by a coalition of Iowa insurers, reinsurers, system vendors, university insurance departments, and the state’s insurance department. Citing the exponential growth and declining cost of computing power, Hartnett said “a lot of technology today is getting to the point where it’s essentially free.”
How Munich Re is exploring insurtech opportunities Munich Re has, for example, in November 2016 partnered with app-based insurance provider Wrisk, an Insurtech venture, to become its exclusive carrier for business underwritten in the UK, Europe and US. It is also funding California-based insurtech start-up Trov which offers on-demand insurance, enabling users to buy insurance for specific products, for specific amounts of time through their smartphones. Users can turn insurance on and off with a swipe and also file claims through the app.
Insurtech: Next Insurance Raised $13 Million in Seed Funding to Fix SME Insurance The Insurtech sector has been a hot segment of the Fintech industry. In Q1 according to KPMG, Insurtech investment slowed overall but still registered a health $243 million across 43 deals. KPMG predicts this “lull” will not last as insurance companies around the world are starting to feel the pressure. Insurtech investment is pegged to grow across the entire value chain during the rest of 2017 as new solutions and platforms emerge to digitize the entire industry. The traditional insurance industry is enormous but largely operates in an analog world where phone calls are placed to buy insurance and then to settle claims
Study Finds Insurtech Funding Dips as Startups Launch Total insurtech funding in the first quarter of 2017 was down, but the drop-off could be a result of the significant investments in 2016 now reaching the product launch phase, according to a report by Willis Towers Watson Securities. The report, compiled in collaboration with CB Insights, found $283 million was invested in insurtechs in all insurance lines globally in the first quarter of this year—a slight (four percent) bump over the fourth quarter of last year but a 64 percent drop from funding in the first quarter 2016.